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Corporate Laws Central Ministry of Finance Securities and Exchange Board of India Act, 1992

SEBI issues Securities and Exchange Board of India (Real Estate Investment Trusts) (Second Amendment) Regulations, 2025

01-Sep-2025 | No. SEBI/LAD-NRO/GN/2025/258

SEBI has issued a notification of Securities and Exchange Board of India (Real Estate Investment Trusts) (Second Amendment) Regulations, 2025, amending the provisions of Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014. By virtue of the notification, 1. In regulation 2(1)(ze), the definition of 'Public' has been substituted with the person other than (i) the related party of the REIT, its sponsor, or manager; or (ii) any other person as may be specified by the Board. Provided that a person specified above, who is also a qualified institutional buyer in an offer, shall be considered as 'public' for the purpose of these regulations and the sponsor, sponsor group, and manager of the REIT shall not be considered as 'public'. 2. In regulation 18(16)(aa), the proviso has been inserted, which specifies that if the net distributable cash flow generated by the holdco on its own is negative, then holdco may adjust it against the cash flows received from its underlying SPVs, and the appropriate disclosures have to be made to unitholders. 3. In regulation 21(4), the proviso has been substituted specifying that the valuation shall be conducted as at the end of the financial year ending March 31st and the report submitted by the manager along with the annual financial results. Kindly refer to the attached document for more information.

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